Today's New York Times has a headline that would not have been news to Karl Llewellyn, "Contracts Now Seen as Being Rewritable." But this is probably news and definitely fit to print because it provides space on page 1 of Business Day (above the fold!) for contracts prof David A. Skeel (left) to point out that it is now employment contracts that are viewed as "eminently rewritable." The article goes on to discuss additional wrinkles in the path of contracts law: in the current financial crisis, the federal government is re-writing contracts, and municipal governments filing bankruptcy under Chapter 9 are being excused from performing their union contracts.

Law students and recent graduates are also learning that employment contracts can be re-written. I have now heard from many quarters of recent graduates who are being told by BigLaw that they will have to start late and take a salary cut. And those recent graduates are the lucky ones. Other offers of employment are being rescinded entirely.